Neinver, a Spanish developer, investor, property and fund manager, has decided to enter the Czech market, the eighth market in which the company has a presence. Neinver has partnered with The Prague Outlet to forge a joint venture launching Prague The Style Outlets, the first premium outlet centre in the Czech Republic. Neinver will be in charge of leasing, retail and property management. The joint venture is financed by PPF Bank.
Under the business agreement, which was signed in August 2016, the asset will become the latest addition to Neinver’s portfolio under its brand The Style Outlets—the European premium outlet platform that currently operates in 5 countries: Germany, Italy, Portugal, France and Spain. The new partnership reinforces Neinver’s long-term business strategy to strengthen and expand its presence across Europe.
The Prague Outlet and Neinver are currently working on a premium interior and exterior design for the centre. The look is based on a traditional Prague high street architectural design and aims to provide a high street outlet shopping experience indoors. The conversion, remodelling and rebranding process will be fully completed by October 2017, when Prague The Style Outlets will welcome its first customers with approximately 110 units located in more than 20,000 sqm of gross leasable area (GLA). The second phase, with an additional 10,000 sqm of GLA, is scheduled for two to four years later, although this does not limit further expansion, as the project site allows for additional retail areas.
The property benefits from its proximity to Václav Havel Airport, less than five minutes away, whilst Prague’s downtown can be reached in 25 minutes. The 90-minute catchment area has more than 4.5 million residents, with an average purchasing power 40% above the typical CEE shopper. In addition, Prague is visited each year by 6.6 million tourists and this number is growing.